Fiducian buys out Bodinnars
FIDUCIAN Portfolio Services has acquired Bodinnars Personal Financial Planners for $3 million.
The acquisition, which was announced to the Australian Stock Exchange (ASX) last week, is the first such deal for Fiducian since it listed in September 2000.
A combination of both cash and shares will be used for the purchase, with shares issued at $1.20.
The acquisition follows Fiducian’s announcement last month that it was gearing up to launch its own financial planning software and administration system in preparation of a boost in the number of its offices to 30 by the end of this financial year.
According to a statement issued to the ASX, the cost of developing the software and administration system was less than forecast by the group, leaving Fiducian with more cash than anticipated for its expansion drive.
Bodinnars, which was established by Harold Bodinnar in 1984, employs 18 staff and financial planners.
The group has two offices in Sydney and one in both Campbelltown and Brisbane. It provides financial planning and superannuation planning services, wealth accumulation and retirement planning, portfolio evaluation and review, and asset and income protection advice.
AUTHOR
Fiona Moore
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